Richmond Investment Services LLC Grows Stock Position in U.S. Bancorp $USB

Richmond Investment Services LLC grew its position in shares of U.S. Bancorp (NYSE:USB) by 102.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,519 shares of the financial services provider’s stock after buying an additional 5,325 shares during the period. Richmond Investment Services LLC’s holdings in U.S. Bancorp were worth $476,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in shares of U.S. Bancorp by 323.0% in the fourth quarter. Brighton Jones LLC now owns 48,274 shares of the financial services provider’s stock worth $2,309,000 after purchasing an additional 36,863 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in U.S. Bancorp by 15.0% in the 1st quarter. Mackenzie Financial Corp now owns 215,487 shares of the financial services provider’s stock worth $9,098,000 after buying an additional 28,094 shares during the period. Meeder Advisory Services Inc. grew its stake in U.S. Bancorp by 11.2% in the 1st quarter. Meeder Advisory Services Inc. now owns 35,991 shares of the financial services provider’s stock valued at $1,520,000 after buying an additional 3,619 shares in the last quarter. Meeder Asset Management Inc. grew its stake in U.S. Bancorp by 118.4% in the 1st quarter. Meeder Asset Management Inc. now owns 987 shares of the financial services provider’s stock valued at $42,000 after buying an additional 535 shares in the last quarter. Finally, N.E.W. Advisory Services LLC bought a new stake in U.S. Bancorp during the 1st quarter valued at $207,000. Hedge funds and other institutional investors own 77.60% of the company’s stock.

U.S. Bancorp Price Performance

Shares of NYSE:USB opened at $49.00 on Thursday. The company’s fifty day moving average price is $47.53 and its 200-day moving average price is $46.44. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market capitalization of $76.17 billion, a price-to-earnings ratio of 11.21, a PEG ratio of 1.25 and a beta of 1.10. U.S. Bancorp has a one year low of $35.18 and a one year high of $53.98.

U.S. Bancorp (NYSE:USB) last announced its earnings results on Thursday, October 16th. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.11. The company had revenue of $7.34 billion during the quarter, compared to analyst estimates of $7.17 billion. U.S. Bancorp had a net margin of 16.89% and a return on equity of 13.34%. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.03 earnings per share. On average, equities research analysts anticipate that U.S. Bancorp will post 4.38 earnings per share for the current fiscal year.

U.S. Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date was Tuesday, September 30th. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.50. U.S. Bancorp’s dividend payout ratio (DPR) is currently 47.60%.

Insider Activity

In related news, EVP James L. Chosy sold 26,909 shares of the firm’s stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $46.86, for a total transaction of $1,260,955.74. Following the transaction, the executive vice president directly owned 226,375 shares of the company’s stock, valued at approximately $10,607,932.50. This trade represents a 10.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Andrew Cecere sold 140,445 shares of the company’s stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $46.34, for a total value of $6,508,221.30. Following the completion of the sale, the chairman directly owned 1,360,414 shares of the company’s stock, valued at approximately $63,041,584.76. This represents a 9.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.23% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on USB. Evercore ISI raised their price target on U.S. Bancorp from $49.00 to $54.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. TD Cowen raised their target price on U.S. Bancorp from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, October 20th. Cowen reaffirmed a “buy” rating on shares of U.S. Bancorp in a report on Monday, October 20th. Deutsche Bank Aktiengesellschaft raised shares of U.S. Bancorp from a “hold” rating to a “buy” rating and set a $52.50 price target on the stock in a report on Thursday, October 23rd. Finally, Citigroup raised their price objective on shares of U.S. Bancorp from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, October 17th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $54.45.

About U.S. Bancorp

U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States. It operates through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments.